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Council approves 17-year NEZ certificate for historic Casa Del Rey renovation at 111 Oneida
Summary
The council approved a 17-year Neighborhood Enterprise Zone (NEZ) tax-exemption certificate to support renovation of the historic Casa Del Rey building at 111 Oneida into about 50 affordable units, after development partners described financing layers and public benefits.
The Pontiac City Council on Jan. 21 approved a 17-year Neighborhood Enterprise Zone (NEZ) tax-exemption certificate to support renovation of the historic Casa Del Rey (111 Oneida) into roughly 50 residential units priced to affordable levels, a project the administration and planning staff said would not be financially feasible without layered public support.
Why NEZ: Because Casa Del Rey is a qualified historic property, the NEZ period requested was 17 years. The NEZ certificate freezes taxes at the…
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